\documentclass[11pt,twoside]{article}\makeatletter

\IfFileExists{xcolor.sty}%
  {\RequirePackage{xcolor}}%
  {\RequirePackage{color}}
\usepackage{colortbl}
\usepackage{wrapfig}
\usepackage{ifxetex}
\ifxetex
  \usepackage{fontspec}
  \usepackage{xunicode}
  \catcode`⃥=\active \def⃥{\textbackslash}
  \catcode`❴=\active \def❴{\{}
  \catcode`❵=\active \def❵{\}}
  \def\textJapanese{\fontspec{Noto Sans CJK JP}}
  \def\textChinese{\fontspec{Noto Sans CJK SC}}
  \def\textKorean{\fontspec{Noto Sans CJK KR}}
  \setmonofont{DejaVu Sans Mono}
  
\else
  \IfFileExists{utf8x.def}%
   {\usepackage[utf8x]{inputenc}
      \PrerenderUnicode{–}
    }%
   {\usepackage[utf8]{inputenc}}
  \usepackage[english]{babel}
  \usepackage[T1]{fontenc}
  \usepackage{float}
  \usepackage[]{ucs}
  \uc@dclc{8421}{default}{\textbackslash }
  \uc@dclc{10100}{default}{\{}
  \uc@dclc{10101}{default}{\}}
  \uc@dclc{8491}{default}{\AA{}}
  \uc@dclc{8239}{default}{\,}
  \uc@dclc{20154}{default}{ }
  \uc@dclc{10148}{default}{>}
  \def\textschwa{\rotatebox{-90}{e}}
  \def\textJapanese{}
  \def\textChinese{}
  \IfFileExists{tipa.sty}{\usepackage{tipa}}{}
\fi
\def\exampleFont{\ttfamily\small}
\DeclareTextSymbol{\textpi}{OML}{25}
\usepackage{relsize}
\RequirePackage{array}
\def\@testpach{\@chclass
 \ifnum \@lastchclass=6 \@ne \@chnum \@ne \else
  \ifnum \@lastchclass=7 5 \else
   \ifnum \@lastchclass=8 \tw@ \else
    \ifnum \@lastchclass=9 \thr@@
   \else \z@
   \ifnum \@lastchclass = 10 \else
   \edef\@nextchar{\expandafter\string\@nextchar}%
   \@chnum
   \if \@nextchar c\z@ \else
    \if \@nextchar l\@ne \else
     \if \@nextchar r\tw@ \else
   \z@ \@chclass
   \if\@nextchar |\@ne \else
    \if \@nextchar !6 \else
     \if \@nextchar @7 \else
      \if \@nextchar (8 \else
       \if \@nextchar )9 \else
  10
  \@chnum
  \if \@nextchar m\thr@@\else
   \if \@nextchar p4 \else
    \if \@nextchar b5 \else
   \z@ \@chclass \z@ \@preamerr \z@ \fi \fi \fi \fi
   \fi \fi  \fi  \fi  \fi  \fi  \fi \fi \fi \fi \fi \fi}
\gdef\arraybackslash{\let\\=\@arraycr}
\def\@textsubscript#1{{\m@th\ensuremath{_{\mbox{\fontsize\sf@size\z@#1}}}}}
\def\Panel#1#2#3#4{\multicolumn{#3}{){\columncolor{#2}}#4}{#1}}
\def\abbr{}
\def\corr{}
\def\expan{}
\def\gap{}
\def\orig{}
\def\reg{}
\def\ref{}
\def\sic{}
\def\persName{}\def\name{}
\def\placeName{}
\def\orgName{}
\def\textcal#1{{\fontspec{Lucida Calligraphy}#1}}
\def\textgothic#1{{\fontspec{Lucida Blackletter}#1}}
\def\textlarge#1{{\large #1}}
\def\textoverbar#1{\ensuremath{\overline{#1}}}
\def\textquoted#1{‘#1’}
\def\textsmall#1{{\small #1}}
\def\textsubscript#1{\@textsubscript{\selectfont#1}}
\def\textxi{\ensuremath{\xi}}
\def\titlem{\itshape}
\newenvironment{biblfree}{}{\ifvmode\par\fi }
\newenvironment{bibl}{}{}
\newenvironment{byline}{\vskip6pt\itshape\fontsize{16pt}{18pt}\selectfont}{\par }
\newenvironment{citbibl}{}{\ifvmode\par\fi }
\newenvironment{docAuthor}{\ifvmode\vskip4pt\fontsize{16pt}{18pt}\selectfont\fi\itshape}{\ifvmode\par\fi }
\newenvironment{docDate}{}{\ifvmode\par\fi }
\newenvironment{docImprint}{\vskip 6pt}{\ifvmode\par\fi }
\newenvironment{docTitle}{\vskip6pt\bfseries\fontsize{22pt}{25pt}\selectfont}{\par }
\newenvironment{msHead}{\vskip 6pt}{\par}
\newenvironment{msItem}{\vskip 6pt}{\par}
\newenvironment{rubric}{}{}
\newenvironment{titlePart}{}{\par }

\newcolumntype{L}[1]{){\raggedright\arraybackslash}p{#1}}
\newcolumntype{C}[1]{){\centering\arraybackslash}p{#1}}
\newcolumntype{R}[1]{){\raggedleft\arraybackslash}p{#1}}
\newcolumntype{P}[1]{){\arraybackslash}p{#1}}
\newcolumntype{B}[1]{){\arraybackslash}b{#1}}
\newcolumntype{M}[1]{){\arraybackslash}m{#1}}
\definecolor{label}{gray}{0.75}
\def\unusedattribute#1{\sout{\textcolor{label}{#1}}}
\DeclareRobustCommand*{\xref}{\hyper@normalise\xref@}
\def\xref@#1#2{\hyper@linkurl{#2}{#1}}
\begingroup
\catcode`\_=\active
\gdef_#1{\ensuremath{\sb{\mathrm{#1}}}}
\endgroup
\mathcode`\_=\string"8000
\catcode`\_=12\relax

\usepackage[a4paper,twoside,lmargin=1in,rmargin=1in,tmargin=1in,bmargin=1in,marginparwidth=0.75in]{geometry}
\usepackage{framed}

\definecolor{shadecolor}{gray}{0.95}
\usepackage{longtable}
\usepackage[normalem]{ulem}
\usepackage{fancyvrb}
\usepackage{fancyhdr}
\usepackage{graphicx}
\usepackage{marginnote}

\renewcommand{\@cite}[1]{#1}


\renewcommand*{\marginfont}{\itshape\footnotesize}

\def\Gin@extensions{.pdf,.png,.jpg,.mps,.tif}

  \pagestyle{fancy}

\usepackage[pdftitle={Impact of Firms' Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK) ImpactofFirmsPerformanceonStockReturnsEvidencefromListedCompaniesofFTSE100IndexLondonUK},
 pdfauthor={}]{hyperref}
\hyperbaseurl{}

	 \paperwidth210mm
	 \paperheight297mm
              
\def\@pnumwidth{1.55em}
\def\@tocrmarg {2.55em}
\def\@dotsep{4.5}
\setcounter{tocdepth}{3}
\clubpenalty=8000
\emergencystretch 3em
\hbadness=4000
\hyphenpenalty=400
\pretolerance=750
\tolerance=2000
\vbadness=4000
\widowpenalty=10000

\renewcommand\section{\@startsection {section}{1}{\z@}%
     {-1.75ex \@plus -0.5ex \@minus -.2ex}%
     {0.5ex \@plus .2ex}%
     {\reset@font\Large\bfseries}}
\renewcommand\subsection{\@startsection{subsection}{2}{\z@}%
     {-1.75ex\@plus -0.5ex \@minus- .2ex}%
     {0.5ex \@plus .2ex}%
     {\reset@font\Large}}
\renewcommand\subsubsection{\@startsection{subsubsection}{3}{\z@}%
     {-1.5ex\@plus -0.35ex \@minus -.2ex}%
     {0.5ex \@plus .2ex}%
     {\reset@font\large}}
\renewcommand\paragraph{\@startsection{paragraph}{4}{\z@}%
     {-1ex \@plus-0.35ex \@minus -0.2ex}%
     {0.5ex \@plus .2ex}%
     {\reset@font\normalsize}}
\renewcommand\subparagraph{\@startsection{subparagraph}{5}{\parindent}%
     {1.5ex \@plus1ex \@minus .2ex}%
     {-1em}%
     {\reset@font\normalsize\bfseries}}


\def\l@section#1#2{\addpenalty{\@secpenalty} \addvspace{1.0em plus 1pt}
 \@tempdima 1.5em \begingroup
 \parindent \z@ \rightskip \@pnumwidth 
 \parfillskip -\@pnumwidth 
 \bfseries \leavevmode #1\hfil \hbox to\@pnumwidth{\hss #2}\par
 \endgroup}
\def\l@subsection{\@dottedtocline{2}{1.5em}{2.3em}}
\def\l@subsubsection{\@dottedtocline{3}{3.8em}{3.2em}}
\def\l@paragraph{\@dottedtocline{4}{7.0em}{4.1em}}
\def\l@subparagraph{\@dottedtocline{5}{10em}{5em}}
\@ifundefined{c@section}{\newcounter{section}}{}
\@ifundefined{c@chapter}{\newcounter{chapter}}{}
\newif\if@mainmatter 
\@mainmattertrue
\def\chaptername{Chapter}
\def\frontmatter{%
  \pagenumbering{roman}
  \def\thechapter{\@roman\c@chapter}
  \def\theHchapter{\roman{chapter}}
  \def\thesection{\@roman\c@section}
  \def\theHsection{\roman{section}}
  \def\@chapapp{}%
}
\def\mainmatter{%
  \cleardoublepage
  \def\thechapter{\@arabic\c@chapter}
  \setcounter{chapter}{0}
  \setcounter{section}{0}
  \pagenumbering{arabic}
  \setcounter{secnumdepth}{6}
  \def\@chapapp{\chaptername}%
  \def\theHchapter{\arabic{chapter}}
  \def\thesection{\@arabic\c@section}
  \def\theHsection{\arabic{section}}
}
\def\backmatter{%
  \cleardoublepage
  \setcounter{chapter}{0}
  \setcounter{section}{0}
  \setcounter{secnumdepth}{2}
  \def\@chapapp{\appendixname}%
  \def\thechapter{\@Alph\c@chapter}
  \def\theHchapter{\Alph{chapter}}
  \appendix
}
\newenvironment{bibitemlist}[1]{%
   \list{\@biblabel{\@arabic\c@enumiv}}%
       {\settowidth\labelwidth{\@biblabel{#1}}%
        \leftmargin\labelwidth
        \advance\leftmargin\labelsep
        \@openbib@code
        \usecounter{enumiv}%
        \let\p@enumiv\@empty
        \renewcommand\theenumiv{\@arabic\c@enumiv}%
	}%
  \sloppy
  \clubpenalty4000
  \@clubpenalty \clubpenalty
  \widowpenalty4000%
  \sfcode`\.\@m}%
  {\def\@noitemerr
    {\@latex@warning{Empty `bibitemlist' environment}}%
    \endlist}

\def\tableofcontents{\section*{\contentsname}\@starttoc{toc}}
\parskip0pt
\parindent1em
\def\Panel#1#2#3#4{\multicolumn{#3}{){\columncolor{#2}}#4}{#1}}
\newenvironment{reflist}{%
  \begin{raggedright}\begin{list}{}
  {%
   \setlength{\topsep}{0pt}%
   \setlength{\rightmargin}{0.25in}%
   \setlength{\itemsep}{0pt}%
   \setlength{\itemindent}{0pt}%
   \setlength{\parskip}{0pt}%
   \setlength{\parsep}{2pt}%
   \def\makelabel##1{\itshape ##1}}%
  }
  {\end{list}\end{raggedright}}
\newenvironment{sansreflist}{%
  \begin{raggedright}\begin{list}{}
  {%
   \setlength{\topsep}{0pt}%
   \setlength{\rightmargin}{0.25in}%
   \setlength{\itemindent}{0pt}%
   \setlength{\parskip}{0pt}%
   \setlength{\itemsep}{0pt}%
   \setlength{\parsep}{2pt}%
   \def\makelabel##1{\upshape ##1}}%
  }
  {\end{list}\end{raggedright}}
\newenvironment{specHead}[2]%
 {\vspace{20pt}\hrule\vspace{10pt}%
  \phantomsection\label{#1}\markright{#2}%

  \pdfbookmark[2]{#2}{#1}%
  \hspace{-0.75in}{\bfseries\fontsize{16pt}{18pt}\selectfont#2}%
  }{}
      \def\TheFullDate{2016-01-15 (revised: 15 January 2016)}
\def\TheID{\makeatother }
\def\TheDate{2016-01-15}
\title{Impact of Firms' Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK) ImpactofFirmsPerformanceonStockReturnsEvidencefromListedCompaniesofFTSE100IndexLondonUK}
\author{}\makeatletter 
\makeatletter
\newcommand*{\cleartoleftpage}{%
  \clearpage
    \if@twoside
    \ifodd\c@page
      \hbox{}\newpage
      \if@twocolumn
        \hbox{}\newpage
      \fi
    \fi
  \fi
}
\makeatother
\makeatletter
\thispagestyle{empty}
\markright{\@title}\markboth{\@title}{\@author}
\renewcommand\small{\@setfontsize\small{9pt}{11pt}\abovedisplayskip 8.5\p@ plus3\p@ minus4\p@
\belowdisplayskip \abovedisplayskip
\abovedisplayshortskip \z@ plus2\p@
\belowdisplayshortskip 4\p@ plus2\p@ minus2\p@
\def\@listi{\leftmargin\leftmargini
               \topsep 2\p@ plus1\p@ minus1\p@
               \parsep 2\p@ plus\p@ minus\p@
               \itemsep 1pt}
}
\makeatother
\fvset{frame=single,numberblanklines=false,xleftmargin=5mm,xrightmargin=5mm}
\fancyhf{} 
\setlength{\headheight}{14pt}
\fancyhead[LE]{\bfseries\leftmark} 
\fancyhead[RO]{\bfseries\rightmark} 
\fancyfoot[RO]{}
\fancyfoot[CO]{\thepage}
\fancyfoot[LO]{\TheID}
\fancyfoot[LE]{}
\fancyfoot[CE]{\thepage}
\fancyfoot[RE]{\TheID}
\hypersetup{citebordercolor=0.75 0.75 0.75,linkbordercolor=0.75 0.75 0.75,urlbordercolor=0.75 0.75 0.75,bookmarksnumbered=true}
\fancypagestyle{plain}{\fancyhead{}\renewcommand{\headrulewidth}{0pt}}

\date{}
\usepackage{authblk}

\providecommand{\keywords}[1]
{
\footnotesize
  \textbf{\textit{Index terms---}} #1
}

\usepackage{graphicx,xcolor}
\definecolor{GJBlue}{HTML}{273B81}
\definecolor{GJLightBlue}{HTML}{0A9DD9}
\definecolor{GJMediumGrey}{HTML}{6D6E70}
\definecolor{GJLightGrey}{HTML}{929497} 

\renewenvironment{abstract}{%
   \setlength{\parindent}{0pt}\raggedright
   \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}}
   \vskip16pt
   \textcolor{GJBlue}{\large\bfseries\abstractname\space}
}{%   
   \vskip8pt
   \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}}
   \vskip16pt
}

\usepackage[absolute,overlay]{textpos}

\makeatother 
      \usepackage{lineno}
      \linenumbers
      
\begin{document}

             \author[1]{Maryyam  Anwaar}

             \affil[1]{  The University of Lahore}

\renewcommand\Authands{ and }

\date{\small \em Received: 11 December 2015 Accepted: 4 January 2016 Published: 15 January 2016}

\maketitle


\begin{abstract}
        


The research is conducted to test the impact of firm performance on stock returns, evidence from the firms listed on FTSE-100 Index, London Stock Exchange over the period 2005 to 2014. In this study the researcher used has five independent variables and one dependent variable. Earnings per share, quick ratio, return on assets, return on equity, and net profit margin is used as independent variables while stock returns is used as dependent variable.Panel regression analysis method is used for the data analysis. Results shows that net profit margin, return on assets has got significant positive impact on stock returns while earnings per share has got significant negative impact on stock returns. When earnings per share will increase, than all those investors who wants short term gain and conscious for dividend sell their stock in to the market due to which in near future the stock returns of the company will be decrease due to excess supply of stocks, while return on equity and quick ratio shows insignificant impact on stock returns.Keywords: earnings per share (EPS), quick ratio (QR), return on assets (ROA), return on equity (ROE), net profit margin (NPM), stock returns (SR), and panel regression.

\end{abstract}


\keywords{earnings per share (EPS), quick ratio (QR), return on assets (ROA), return on equity (ROE), net profit margin (NPM), stock returns (SR), and panel reg}

\begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) 
\textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark}
\end{textblock*}

\begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) 
\textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}}
\end{textblock*}


\let\tabcellsep& 	 	 		 
\section[{Introduction a) Introduction}]{Introduction a) Introduction}\par
n the modern era, stock investments have become one of the various investment options that are quite attractive to foreign and local investors. With definite regulations as well as the ease of access to the stock market, stock as an investment instrument is not only demanded by the top-class investors, but has attracted the interest of small investors too. The motive which drives an investor or a business entity to invest their funds in stocks is the expectation of high rate of return or the acquisition a company.\par
In a stock market, the factors that influence the stock prices include financial policy, monetary policy, foreign trade policy and other macro-economic factors, financial information and other internal factors. Financial Information is one of the main elements that the investors use in making decisions whether to invest in company's stock or not?\par
The role of financial reporting is to provide information about the fiscal health and financial performance of the firms. Investors use financial reports for the evaluation the past, current and future potential performance and financial position of a companies.\par
Followings are the financial statements reported by firms in order to evaluate the position and performance of firms. ? The Income statement, ? The Balance sheet \& ? The Cash flow statement. 
\section[{b) Income Statement}]{b) Income Statement}\par
Income statement is one of the financial statements that is used to determine the performance of companies. The income statement reports how much revenue the company generated during a time period, the expenses it incurred and the resulting profits or losses. The basic equation underlying the income statement is: 
\section[{Revenue -Expenses = Income c) Balance Sheet}]{Revenue -Expenses = Income c) Balance Sheet}\par
Balance sheet is that financial statement used that determine the position of the company as at a period. The balance sheet provides information on what a company owns (assets), what it owes (liabilities), and the shareholder ownership interest (equity). The underlying equation of the balance sheet is:Assets = Liabilities + Equity d) Cash Flow Statement\par
The third major financial statement provided by companies is the cash flow statement. This statement is used to record the cash and cash equivalents entering and leaving company. There are three major elements in the cash flow statement: ? Cash flow from operating activities, ? Cash flow from investing activities ? Cash flow from financing activities. 
\section[{e) Problem statement}]{e) Problem statement}\par
Many researchers have conducted research on the firm performance on stock returns, taking evidence from different countries stock exchanges. Some of the researchers have found significant positive impact and some found that significant negative impact, and some found that insignificant impact of firm performance on Impact of Firms' Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK) stock returns by taking two or three independent variables. So that's why the problem is still present there that what should be the actual impact of firms performance on stock returns. For that purpose the researcher increase the number of variables for in depth and better results. 
\section[{f) Research Question}]{f) Research Question}\par
The research has the following research questions: 1. What is the impact of quick ratio on stock return? 2. What is the impact of earnings per share on stock return? 3. What is the impact of return on assets on stock return? 4. What is the impact of return on equity on stock return? 5. What is the impact of net profit margin on stock return? 
\section[{g) Objectives of the Study}]{g) Objectives of the Study}\par
The present study is planned to accomplish the following objectives: ? To investigate the impact of quick ratio on stock return. ? To identify the impact of earnings per share on stock return. ? To analyze the impact of return on assets on stock return. ? To investigate the impact of return on equity on stock return. ? To find out the impact of net profit margin on stock return. 
\section[{h) Significance of the Study}]{h) Significance of the Study}\par
Many researchers conducted the research on impact of firm performance on stock returns; some researchers found negative relationship and some researcher's shows positive relationship. So the confusion is still present there due to which the researcher wants to investigate the actual performance of the companies and its relation to the company stock returns.\par
Findings of the study are useful for the investors as well as companies who wants to invest in FTSE-100 index. Findings also useful for the Government sectors for collecting more taxes and boost that particular sectors. 
\section[{II.}]{II.} 
\section[{Literature View a) Literature Review}]{Literature View a) Literature Review}\par
Based on literature review there is a plenty of research which intends to enlighten the relationship between capital structure and performance of listed firms. \hyperref[b7]{Fama and French (1993)} analyzed stock return average on market risk, company size, finance leverage, stock holders' salary bond value to market value, stock holders' salary and profit to price ratio by regression. The study concluded that market risk and company size have no relationship with stock return average, but stock return average has indirect relationship with financial leverage bond value and has a direct relationship with financial leverage market.\par
Bagherzadeh, Safania and Roohi (2013) aimed to describe the relationship between current ratio and stock prices of the firms listed on the NSE, India using the cross-sectional correlation technique. The study was conducted over 4 years for the period from 2009 to 2012. The study sample consisted of 317 firms; however, the Financial and Investment companies were excluded from the study. According to  {\ref Fama \& French (1992)} the relationship between the value and accounting variable are different for these companies. The Share Prices of the companies has been used as dependent variable of the study, while the current ratio has been used as independent variable. The study results interpreted a multiple coefficients of correlation between Current Ratio based on the year and the variable of share price which equaled to: R=.036, R2=.001 and this indicates that Current Ratio could specify .001\% of the variable of the share price. The study concluded that there is significant relationship between current ratio and share price. \hyperref[b8]{Hobarth (2006)} examined the relationship between financial indicators and firm's performance of listed firms in USA for 19 years period by using 17 financial indicators and three variables to measure firm's performance, namely market performance (stock market value), cash flow performance (dividend per share), and profitability (ROI). The result showed that firms with low book to market ratio, efficient working capital management, low liquidity, more equity and less liabilities, and high retained earnings have high profitability based on ROI. Firms with unqualified opinion from auditor, more liabilities and less equity, low total assets and retained earnings have better cash flow performance (measured by cash dividend). Furthermore, firms with low book to market ratio, efficient working capital management, more equity and less liabilities, low total assets, and high EBIT margin have better market performance (measured by changes in stock price). \hyperref[b4]{Basu (1977)} revealed that the information of P/E ratio does not reflect in share prices and investment performance very fast, and generally it seems that stock equation in different profit coefficients has been priced incorrectly compared to another type of pricing and other chances obtained for "abnormal return" which has been provided for the investor.\par
Those companies used as sample for the study were divided into three size categories of small, medium and big, based on total assets. The result shows that PBV and EPS have significant influence on all models.\par
Menaje (2012) aimed to determine that impact of financial variables on share price of publicly listed firms on the Philippine. For this purpose, he used the Earning per Share (EPS) and Return on Assets (ROA) as independent variables while the Share Price as dependent variable. The study sample consisted of 50 publicly listed firms in the Philippine. The sample set consist financial reports of 2009, which were taken from OSIRIS electronic database. The multiple regression results of the study showed that a strong positive correlation exists between EPS and share price; whereas there exists a weak negative correlation between ROA and share price. Thus, the paper concluded that the chosen model was able to explain the 73\% of variation in the Share Prices.\par
Irungu (2013) explored the impact of the financial performance indicators on the stock prices of the commercial banks in Kenya. The study used the company size (total assets), liabilities and cost to income ratio as independent variables, while market share price is used as dependent variable. The study sample consist 10 commercial banks listed on the Nairobi Stock Exchange (NSE), Kenya for the year 2011. Multiple regression models have been deployed to analyze the impact of the independent variables on the dependent variables. The results concluded that the model is significant.\par
Umar and Musa (2013) intended to examine the relationship between Earning per share and Stock prices of firms listed Nigerian Stock Exchange (NSE), Nigeria. Linear regression model has been used for the study. The study sample consist a panel data of 140 Nigerian firms over the period from 2005 to 2009. From the results, it was found that there is an insignificant relationship between earning per share (EPS) and stock prices of the firms in Nigeria. Thus, concluded that the earning per share (EPS) has no predictive power for the stock prices. They suggested that the stock prices of Nigerian firms shall not be predicted by the earning per share of the firms.\par
Jatoi et.al (2014) analyzed the effect of earning per share on market share price. A sample of 13 cement firms listed on Karachi Stock Exchange was selected for the period of 2009 to 2013. The study included market price of shares as dependent variable where earning per share as independent variable. The findings of the study showed that earning per Share (EPS) significantly impact the Market Value of Share. 
\section[{b) Hypothesis of the Study}]{b) Hypothesis of the Study}\par
Based on above literature review, the researcher formulates the following hypothesis. 
\section[{H 0a :}]{H 0a :}\par
There is no significant impact of quick ratio on stock return. H 1a :\par
There is significant impact of quick ratio on stock return. 
\section[{H 0b :}]{H 0b :}\par
There is no significant impact of return on assets on stock return. H 1b :\par
There is significant impact of return on assets on stock return. H 0c :\par
There is no significant impact of earnings per share on stock return. H 1c :\par
There is significant impact of earnings per share on stock return. H 0d :\par
There is no significant impact of Return on equity on stock return. H 1d :\par
There is significant impact of return on equity on stock return. H 0e :\par
There is no significant impact of net profit margin on stock return. 
\section[{H 1e :}]{H 1e :}\par
There is significant impact of net profit margin on stock return. 
\section[{III.}]{III.} 
\section[{Research Methodology a) Description of the study}]{Research Methodology a) Description of the study}\par
Research Methodology is the study of methods by which the work plan for the research is obtained. The research is conducted to test the impact of firm performance on stock returns, evidence from the firms listed on FTSE-100 Index, London Stock Exchange from last one decade. This study has five independent variables and one dependent variable. 
\section[{b) Sample Set}]{b) Sample Set}\par
Secondary data was used to empirically investigate the effect of firms' performance on stock returns. A sample size of top 30 firms has been selected from FTSE-100 index of London Stock Exchange for the purpose of exploring the impact of firms' performance on stock returns. The panel data has been collected for the period of 10 years i.e. from 2005 to 2014 in order to ascertain the relationship between financial ratios and stock returns of the firms listed on FTSE-100 index of the London Stock Exchange. List of the firms used in the study is shown on Table  {\ref 1} in appendix 1. 
\section[{c) Data Collection Methods}]{c) Data Collection Methods}\par
For the data collection, the researcher has used secondary data i.e.; Annual reports of the selected firms listed on FTSE-100 Index, London Stock Exchange and stock price data has been collecting from www.ftse.org.uk . 
\section[{Global Journal of Management and Business Research}]{Global Journal of Management and Business Research}\par
Volume XVI Issue I Version I Year ( ) 
\section[{2016}]{2016} 
\section[{D d) Theoretical Framework / Conceptual Framework}]{D d) Theoretical Framework / Conceptual Framework}\par
The study uses following variables to investigate the relationship between firms' performance and stock returns.  
\section[{Return on Asset}]{Return on Asset}\par
The ratio of Return on Asset determines how efficient the management is in using its assets to generate revenues. For the study, it is calculated by dividing a company's total annual earnings to its total assets. ROA is presented as a percentage and is also referred to as "return on investment". Menaje (2012) calculate the value of return on assets by below given formula:\par
Return on Assets = Total Assets 
\section[{Net income c. Return on equity}]{Net income c. Return on equity}\par
Return on Equity is an indication on how profitable a company is by comparing its net income to its average shareholders' equity. The return on equity ratio (ROE) measures the earnings of the shareholders for their investment in the company. The ROE determines that how effectively investor's money is being employed. The higher the ratio of return on equity, the more efficient the company's management is in employing its equity and the better return is provided to the investors.  {\ref Wang}  
\section[{a. Stock Returns}]{a. Stock Returns}\par
The current study uses Stock Returns as dependent variable in order to analyze the impact of firms' performance. 
\section[{e) Regression Analysis}]{e) Regression Analysis}\par
Regression analysis helps to understand how the value of the dependent variable changes when independent variable is varied. This study uses the following regression models: IV.SR = ?0 + ? 1QR + ? 2ROA + ? 3ROE + ? 4NPM + ? 5EPS + 
\section[{Results and Discussions a) Descriptive Statistics}]{Results and Discussions a) Descriptive Statistics}\par
The descriptive statistics is used as a measure for the analysis of mean, median, maximum, minimum, standard deviation, skewness and kurtosis of the study sample in order to explore the data variation in the firm's listed on the FTSE -100. The above table shows the values of descriptive statistics. The maximum and highest mean values have been observed in case of earning per share, following that, he maximum value of earnings per share is 10.44 and the minimum value is -6.16 while mean value is 0.9424 having standard deviation of 1.3495. The maximum value in case of net profit margin is 3.779 and the minimum value is -7.005 while mean value is 0.1693 having standard deviation of 0.7527. The maximum value in case of quick ratio is 7.580 and the minimum value is 0.190 while mean value is 0.9164 having standard deviation of 0.7286. The maximum value in case of return on assets is 0.6711 and the minimum value is -0.5354 while mean value is 0.0762 having standard deviation of 0.0879. The maximum value in case of return on equity is 9.850 and the minimum value is -2.623 while mean value is 0.3150 having standard deviation of 0.7725. Finally the maximum value in case of stock returns is 2.0144 and the minimum value is -0.6782 while mean value is 0.1048 having standard deviation of 0.3332. 
\section[{b) Correlation Analysis}]{b) Correlation Analysis}\par
Correlation means the relationship between two variables. The correlation shows two things, first it shows the direction between two variables and secondly it shows the strength of associations between two variables. The below table shows the values of correlation among the variable The coefficient value of net profit margin is 0.05173, which means that 5.17 percent variation of stock returns has been explain by the variation of net profit margin. The t-statistics of net profit margin is 2.3973 with a p-value is < 0.05 shows that net profit margin has got significant positive impact on stock returns. If one unit increases in net profit margin than stock returns will increase at 0.05 units. The coefficient value of return on assets is 1.2831, which means that 128.31 percent variation of stock returns has been explain by the variation of return on assets. The tstatistics of return on assets is 3.7582 with a p-value is < 0.005 shows that return on assets has got significant positive impact on stock returns. If one unit increases in return on assets than stock returns will increase at 1.283 units. The coefficient value of return on assets is -0.0305, which means that 3.05 percent negative variation of stock returns has been explain by the variation of return on equity. The t-statistics of return on equity is -1.0889 with a p-value is > 0.05 shows that return on equity has got insignificant negative impact on stock returns. If one unit increases in return on equity than stock returns will decrease at 0.03 units. The coefficient value of quick ratio is 0.0309, which means that 3.09 percent positive variation of stock returns has been explain by the variation of quick ratio. The tstatistics of quick ratio is 1.1753 with a p-value is > 0.05 shows that quick ratio has got insignificant positive impact on stock returns. If one unit increases in quick ratio than stock returns will increase at 0.030 units.\par
The values of determination of coefficient R2 is 0.4483, which means that 44.83 percent variation of stock returns has been explain by the variations of all independent variables, which are net profit margin, return on assets, return on equity, quick ratio, and earnings per share.\par
The value of AdjR 2 is 0.4120, shows that if the researcher incorporate more relevant variables than it will adjust R2 at the rate of 41, 20 percent.\par
Model is found statistically significant (F = 6.41, p < 0.01); the value of F-statistics is 6.41 and p-value is <0.05 shows that the model is good fit for the study. 
\section[{d) Summary of Hypothesis testing}]{d) Summary of Hypothesis testing}\par
Based on above results the researcher accepts or rejects the following hypothesis. 
\section[{H 1a}]{H 1a}\par
There is significant impact of quick ratio on stock return. 
\section[{Rejected H 1b}]{Rejected H 1b}\par
There is significant impact of return on assets on stock return. 
\section[{Accepted H 1c}]{Accepted H 1c}\par
There is significant impact of earnings per share on stock return. Accepted H 1d\par
There is significant impact of return on equity on stock return. 
\section[{Rejected H 1e}]{Rejected H 1e}\par
There is significant impact of net profit margin on stock return. Accepted\par
V. 
\section[{Conclusion and Recommendation a) Conclusion}]{Conclusion and Recommendation a) Conclusion}\par
The research is conducted to test the impact of firm performance on stock returns, evidence from the firms listed on FTSE-100 Index, London Stock Exchange over the period 2005 to 2014. In this study the researcher used has five independent variables and one dependent variable. Earnings per share, quick ratio, return on assets, return on equity, and net profit margin is used as independent variables while stock returns is used as dependent variable.\par
Results shows that net profit margin, return on assets has got significant positive impact on stock returns while earnings per share has got significant negative impact on stock returns. The reason for that is when net profit margin is increase and the company will retained more cash than it will automatically increase stock returns and if the company net profit will increase it will increase return on assets which will also increase stock returns. When earnings per share will increase, than all those investors who wants short term gain and conscious for dividend sell their stock in to the market due to which in near future the stock returns of the company will be decrease due to excess supply of stocks, while return on equity and quick ratio shows insignificant impact on stock returns. 
\section[{b) Recommendation}]{b) Recommendation}\par
The researcher has conducted the research on the firm performance on stock returns evidence from FTSE-100 index over the period of 2005-2014 by using five independent and one dependent variable. If anyone else wants to conduct the research on the same topic than the researcher must incorporate: ? The researcher must incorporate more independent variables ? The period of the study should be more than 20 years for better results ? The researcher must collect the data more the 50 companies for better results\begin{figure}[htbp]
\noindent\textbf{1}\includegraphics[]{image-2.png}
\caption{\label{fig_0}Figure 1 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{}\includegraphics[]{image-3.png}
\caption{\label{fig_1}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.33512544802867383\textwidth}P{0.5148745519713261\textwidth}}
Quick ratio =\tabcellsep (current assets -inventories) Current liabilities\\
ii. Dependent Variables\tabcellsep \\
\multicolumn{2}{l}{Dependent variable means that the variable}\\
\multicolumn{2}{l}{which derives its value on the basis of another variable,}\\
\multicolumn{2}{l}{here in my research I use one dependent variable which}\\
is stock return.\tabcellsep \\
2016\tabcellsep \\
Year\tabcellsep \\
34\tabcellsep \\
Volume XVI Issue I Version I\tabcellsep \\
( )\tabcellsep \\
Global Journal of Management and Business Research\tabcellsep , Fu \& Luo, (2013) calculate the value of return on equity by below given formula: Return on Equity = Net income Average Shareholders' Equity d. Net profit margin The net profits ratio is the percentage of post-tax and interest profits to sales. It shows how much of the earnings by the company are translated into profits. Muhammad, Shah \& Islam (2014) calculate the value of net profit margin by below given formula: Net Profit Margin = Net Profit\\
\tabcellsep Revenue\\
© 2016 Global Journals Inc. (US) 1\tabcellsep \end{longtable} \par
  {\small\itshape [Note: D e. Quick RatioThe quick ratio is an indicator of a company's short-term liquidity.]} 
\caption{\label{tab_0}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{41} \par 
\begin{longtable}{P{0.11100362756952842\textwidth}P{0.10894800483675937\textwidth}P{0.1099758162031439\textwidth}P{0.10689238210399032\textwidth}P{0.10894800483675937\textwidth}P{0.10894800483675937\textwidth}P{0.10792019347037485\textwidth}P{0.0873639661426844\textwidth}}
\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep Year\\
\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep Volume XVI Issue I Version I\\
\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep ( )\\
Mean Median Maximum Minimum Std. Dev. Skewness Kurtosis Jarque-Bera Probability Sum Sum Sq. Dev.\tabcellsep EPS 0.942400 0.610000 10.44000 -6.160000 1.349526 1.250682 14.12182 1624.397 0.000000 282.7200 544.5449\tabcellsep NPM 0.169390 0.101400 3.779700 -7.005400 0.752726 -1.962566 41.53056 18750.13 0.000000 50.81690 169.4125\tabcellsep QR 0.916400 0.770000 7.580000 0.190000 0.728618 5.079455 35.51024 14501.49 0.000000 274.9200 158.7345\tabcellsep ROA 0.076247 0.068050 0.671100 -0.535400 0.087933 0.001604 21.32121 4195.836 0.000000 22.87400 2.311932\tabcellsep ROE 0.315037 0.203800 9.850200 -2.623200 0.772560 8.115333 92.65272 103763.1 0.000000 94.51110 178.4578\tabcellsep SR 0.104829 0.059501 2.014451 -0.678218 0.333298 1.142487 7.768067 349.4446 0.000000 31.44856 33.21523\tabcellsep Global Journal of Management and Business Research\\
Observations\tabcellsep 300\tabcellsep 300\tabcellsep 300\tabcellsep 300\tabcellsep 300\tabcellsep 300\tabcellsep \end{longtable} \par
  {\small\itshape [Note: 2016D]} 
\caption{\label{tab_1}Table 4 . 1 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{42} \par 
\begin{longtable}{P{0.07880794701986756\textwidth}P{0.24205298013245033\textwidth}P{0.20264900662251656\textwidth}P{0.14635761589403973\textwidth}P{0.10695364238410596\textwidth}P{0.0619205298013245\textwidth}P{0.011258278145695364\textwidth}}
\tabcellsep EPS\tabcellsep NPM\tabcellsep QR\tabcellsep ROA\tabcellsep ROE\tabcellsep SR\\
EPS\tabcellsep 1.000000\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\
NPM\tabcellsep 0.426856\tabcellsep 1.000000\tabcellsep \tabcellsep \tabcellsep \\
QR\tabcellsep 0.139965\tabcellsep -0.043838\tabcellsep 1.000000\tabcellsep \tabcellsep \\
ROA\tabcellsep 0.703676\tabcellsep 0.428179\tabcellsep 0.192749\tabcellsep 1.000000\tabcellsep \\
ROE\tabcellsep 0.298253\tabcellsep 0.087022\tabcellsep 0.005526\tabcellsep 0.491299\tabcellsep 1.000000\end{longtable} \par
 
\caption{\label{tab_2}Table 4 . 2 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{43} \par 
\begin{longtable}{P{0.40138888888888885\textwidth}P{0.2046296296296296\textwidth}P{0.11018518518518518\textwidth}P{0.1337962962962963\textwidth}}
Effects Test\tabcellsep Statistic\tabcellsep d.f.\tabcellsep Prob.\\
Cross-section F\tabcellsep 0.457384\tabcellsep (29,265)\tabcellsep 0.9932\\
Cross-section Chi-square\tabcellsep 14.652299\tabcellsep 29\tabcellsep 0.9875\end{longtable} \par
 
\caption{\label{tab_3}Table 4 . 3 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{44} \par 
\begin{longtable}{P{0.2772307692307692\textwidth}P{0.1543076923076923\textwidth}P{0.22230769230769232\textwidth}P{0.07976923076923076\textwidth}P{0.11638461538461538\textwidth}}
Variable\tabcellsep Coefficient\tabcellsep Std. Error\tabcellsep t-Statistic\tabcellsep Prob.\\
C\tabcellsep 0.010968\tabcellsep 0.032016\tabcellsep 0.342576\tabcellsep 0.7322\\
NPM\textunderscore ?\tabcellsep 0.051739\tabcellsep 0.021582\tabcellsep 2.397321\tabcellsep 0.0090\\
ROA\textunderscore ?\tabcellsep 1.283147\tabcellsep 0.341418\tabcellsep 3.758285\tabcellsep 0.0002\\
ROE\textunderscore ?\tabcellsep -0.030530\tabcellsep 0.028036\tabcellsep -1.088962\tabcellsep 0.2771\\
EPS\textunderscore ?\tabcellsep -0.033389\tabcellsep 0.010257\tabcellsep -3.255241\tabcellsep 0.0008\\
QR\textunderscore ?\tabcellsep 0.030931\tabcellsep 0.026316\tabcellsep 1.175373\tabcellsep 0.2408\\
R-squared\tabcellsep 0.448339\tabcellsep \multicolumn{2}{l}{Mean dependent var}\tabcellsep 0.104829\\
Adjusted R-squared\tabcellsep 0.412004\tabcellsep \multicolumn{2}{l}{S.D. dependent var}\tabcellsep 0.333298\\
S.E. of regression\tabcellsep 0.319166\tabcellsep \multicolumn{2}{l}{Akaike info criterion}\tabcellsep 0.573587\\
Sum squared resid\tabcellsep 29.94889\tabcellsep \multicolumn{2}{l}{Schwarz criterion}\tabcellsep 0.647663\\
Log likelihood\tabcellsep -80.03804\tabcellsep \multicolumn{2}{l}{Hannan-Quinn criter.}\tabcellsep 0.603232\\
F-statistic\tabcellsep 6.412944\tabcellsep \multicolumn{2}{l}{Durbin-Watson stat}\tabcellsep 2.364511\\
Prob(F-statistic)\tabcellsep 0.000011\tabcellsep \tabcellsep \tabcellsep \end{longtable} \par
 
\caption{\label{tab_4}Table 4 . 4 :}\end{figure}
 			\footnote{Impact of Firms' Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK)} 			\footnote{© 2016 Global Journals Inc. (US)} 			\footnote{© 2016 Global Journals Inc. (US) 1} 		 		\backmatter  			 \par
The highest positive correlation is observed between return on assets and earnings per share, the correlation value of net profit margin and earnings per share is 0.4268, which means that 42.68\% positive correlation is present between NPM and EPS. The correlation coefficient of quick ratio and earnings per share is 0.1399, which means that 13.99\% positive correlation is present between QR and EPS. The correlation coefficient of return on assets and earnings per share is 0.7036, which means that 70.36\% positive correlation is observe between ROA and EPS. The correlation coefficient of return on equity and earnings per share is 0.2982, which means that 29.82\% positive correlation is observe between ROE and EPS. The correlation coefficient of stock returns and earnings per share is 0.1412, which means that 14.12\% positive correlation is observe between SR and EPS. The correlation coefficient of quick ratio and net profit margin is -0.0438, which means that 4.38\% negative correlation is present between QR and NPM, it means that when quick ratio will be increase than net profit margin will be decrease. The correlation coefficient of return on assets and net profit margin is 0.4281, which means that 42.81\% positive correlation is observe between ROA and NPM. The correlation coefficient of return on equity and net profit margin is 0.087, which means that 8.7\% positive correlation is observe between ROE and NPM. The correlation coefficient of stock returns and net profit margin is 0.1949, which means that 19.49\% positive correlation is observe between SR and NPM. The correlation coefficient of return on assets and quick ratio is 0.1927, which means that 19.27\% positive correlation is observe between ROA and QR. The correlation coefficient of return on equity and quick ratio is 0.0055, which means that 0.55\% positive correlation is observe between ROE and QR. The correlation coefficient of stock returns and quick ratio is 0.1084, which means that 10.84\% positive correlation is observe between SR and QR. The correlation coefficient of return on equity and return on assets is 0.4912, which means that 49.12\% positive correlation is observe between ROE and ROA. The correlation coefficient of stock returns and return on assets is 0.2716, which means that 27.16\% positive correlation is observe between SR and ROA. Finally the correlation coefficient of stock returns and return on equity is 0.0657, which means that 6.57\% positive correlation is observe between SR and ROE. 
\subsection[{c) Regression Analysis}]{c) Regression Analysis}\par
Regression analysis shows that the effect of one variable to another variable. It shows that the variation of dependent variable has been explained by the variation of dependent variable. Panel regression consists of three major effects which are Common Effect, Fixed Effect and Random Effect. For the purpose of selecting appropriate Effect Model for the study, Likelihood Ratio has been tested. The p -value of the D cross-section F in the redundant fixed effect test is 0.9932, which shows that Common Effect Model is the best model for the study. 			 			  				\begin{bibitemlist}{1}
\bibitem[Kennedy and Sariguna Johnson ()]{b12}\label{b12} 	 		\textit{},  		 			Posma Kennedy 		,  		 			Sariguna Johnson 		.  		2003.  	 
\bibitem[Jatoi ()]{b11}\label{b11} 	 		‘A Regresional Impact of Earning per Share on Market Value of Share: A case Journal of Academic Research in Accounting’.  		 			M Jatoi 		.  	 	 		Finance and Management Sciences  		2014.  	 
\bibitem[Wang et al. ()]{b23}\label{b23} 	 		‘Accounting Information and Stock Price Reaction of Listed Companies -Evidence from Shangai Stock Exchange’.  		 			J Wang 		,  		 			G Fu 		,  		 			C Luo 		.  	 	 		\textit{Journal of Business \& Management}  		2012. 2013. 2  (2)  p. .  	 
\bibitem[Easton et al. ()]{b6}\label{b6} 	 		‘Aggregate accounting earnings can explain most of security returns: The case of long return intervals’.  		 			P Easton 		,  		 			T Harris 		,  		 			J Ohlson 		.  	 	 		\textit{Journal of Accounting and Economics}  		1992. 15 p. .  	 
\bibitem[Seetharaman and Raj ()]{b20}\label{b20} 	 		‘An Empirical Study on the Impact of Earning per Share on Stock Prices of a Listed Bank in Malaysia’.  		 			A Seetharaman 		,  		 			J Raj 		.  		 \xref{http://dx.doi.org/10.3923/ijaef.2011.114.126}{10.3923/ijaef.2011.114.126}.  	 	 		\textit{The International Journal of Applied Economics and Finance}  		2011. 2011. 5  (2)  p. .  	 
\bibitem[Analisis Pengaruh et al.]{b13}\label{b13} 	 		‘asset turnover, leverage, DER terhadap return saham: Studi pada saham-saham yang termasuk dalam lq-45 di bursa efek jakarta’.  		 			Roa Analisis Pengaruh 		,  		 			Eps Roe 		,  		 			Margin 		.  	 	 		\textit{Thesis in Pasca Sarjana Ilmu Manajemen FEUI},  				 	 
\bibitem[Fama and French ()]{b7}\label{b7} 	 		‘Common risk factors in the returns on stocks and bonds’.  		 			E Fama 		,  		 			K French 		.  	 	 		\textit{Journal of Financial Economics}  		1993. 33  (1)  p. .  	 
\bibitem[Masum ()]{b17}\label{b17} 	 		‘Dividend Policy and its impact on stock price -A Study on Commercial Banks Listed on Dhaka Stock Exchange’.  		 			A Masum 		.  	 	 		\textit{Global Disclosures of Economics and Business}  		 2305-9168.  		2014. 2014. 3  (1) .  	 
\bibitem[Ali and Chowdhury (2010)]{b1}\label{b1} 	 		‘Effect of Dividend on Stock Price in Emerging Stock Market: A Study on Listed Private Commercial Banks in DSE’.  		 			M Ali 		,  		 			T Chowdhury 		.  	 	 		\textit{International Journal of Economics and Finance}  		2010. November 2010. 2  (4) .  	 
\bibitem[Idawati and Wahyudi ()]{b9}\label{b9} 	 		‘Effect of Earning Per Share (EPS) and Return on Asset (ROA) against Share Price on Coal Mining Company Listed in Indonesia Stock Exchange’.  		 			W Idawati 		,  		 			A Wahyudi 		.  	 	 		\textit{Journal of Resource Development and Management}  		 2422 -8397.  		2015. 2015. 7.  	 
\bibitem[Irungu (2013)]{b10}\label{b10} 	 		‘Effect of Financial Performance Indicators on Market Price of Shares in Commercial Banks’.  		 			P Irungu 		.  		 ISSN 2231 -2463.  	 	 		\textit{Kenya. IJMBS}  		 2230-9519.  		2013. July -September 2013. 3.  	 
\bibitem[Duke et al. ()]{b5}\label{b5} 	 		‘Impact of Dividend Policy on Share Price Valuation in Nigerian Banks’.  		 			S Duke 		,  		 			D Ikeena 		,  		 			S E Nkamare 		.  	 	 		\textit{Archives of Business Research}  		2015. 2015. 3  (1) .  	 
\bibitem[Azhagaiah ()]{b2}\label{b2} 	 		‘Impact of Dividend Policy on Shareholder's wealth’.  		 			Sabari Azhagaiah 		.  	 	 		\textit{International Research Journal of Finance and Economies}  		 1450 -2887.  		2008. 2008. 20 p. .  	 	 (Issue) 
\bibitem[Menaje (2012)]{b18}\label{b18} 	 		‘Impact of Selected Financial Variables on Share Prices of Publicly Listed Firms in the Philippines’.  		 			P Menaje 		.  	 	 		\textit{American International Journal of Contemporary Research}  		2012. September 2012. 2  (9) .  	 
\bibitem[Basu ()]{b4}\label{b4} 	 		‘Investment performance of common in relation to their price earnings ratios: A test of the efficient market hypothesis’.  		 			S Basu 		.  	 	 		\textit{The Journal of Finance}  		1977. 32  (3)  p. .  	 
\bibitem[Hobarth and Lukas ()]{b8}\label{b8} 	 		\textit{Modeling the relationship between financial indicators and company performance -An empirical study for us listed companies},  		 			Mag Hobarth 		,  		 			L Lukas 		.  		2006. France.  		 			Dissertation Vienna University of Economics and Business Administration 		 	 
\bibitem[Mais and Gusliana (2004)]{b16}\label{b16} 	 		‘Pengaruh rasio-rasio keuangan utama perusahaan terhadap harga saham perusahaan yang terdaftar di jakarta islamic index tahun’.  		 			Rimi Mais 		,  		 			Gusliana 		.  	 	 		\textit{Journal Ekonomi STEI}  		2005. July-September. 2004. 14  (3)  p. 30.  	 
\bibitem[Sparta (2005)]{b21}\label{b21} 	 		‘Pengaruh ROE, EPS, OCF terhadap harga saham industry manufacturing di bursa efek jakarta’.  		 			February Sparta 		.  	 	 		\textit{Journal Akuntansi}  		2005. January.  (1)  p. 9.  	 
\bibitem[Lewllen ()]{b14}\label{b14} 	 		‘Predicting Returns with Financial Ratios’.  		 			J Lewllen 		.  	 	 		\textit{Journal of Financial Economics}  		2004. 2004. 74 p. .  	 
\bibitem[Bagherzadeh et al. (2013)]{b3}\label{b3} 	 		‘Relationship between Current Ratio and Share Price -a study on NSE’.  		 			R Bagherzadeh 		,  		 			S Safania 		,  		 			M Roohi 		.  	 	 		INDIA. International Jr. of Mathematical Sciences \& Applications  		 No. 2230 -9888.  		2013. January -June 2013. 3  (1) .  	 
\bibitem[Umar and Musa (2013)]{b22}\label{b22} 	 		‘Stock Prices and Firm Earning per Share in Nigeria’.  		 			M S Umar 		,  		 			T Musa 		.  	 	 		\textit{Jorind}  		 1596 -8303.  		2013. December, 2013. 11  (2) .  	 
\bibitem[Saeidi and Okhli ()]{b19}\label{b19} 	 		‘Studying the effect of asset return rate on stock price of the companies accepted in Tehran Stock Exchange’.  		 			P Saeidi 		,  		 			A Okhli 		.  	 	 		\textit{Peer-review and Open Access Journal}  		 1804-1205.  		2012.  	 
\bibitem[Litzenberger and Ramaswamy (1982)]{b15}\label{b15} 	 		‘The effects of dividends on common stock prices tax effects or information effects’.  		 			R Litzenberger 		,  		 			K Ramaswamy 		.  	 	 		\textit{Journal of Finance}  		1982. May. 37  (2)  p. .  	 
\bibitem[Al-Shawawreh ()]{b0}\label{b0} 	 		‘The Impact of Dividend Policy on Share Price Volatility: Empirical Evidence from Jordanian Stock Market’.  		 			F Al-Shawawreh 		.  		 ISSN 2222 - 2839.  	 	 		\textit{European Journal of Business and Management}  		 2222 -1905.  		2014. 2014. Paper. 6  (38)  p. .  	 
\end{bibitemlist}
 			 		 	 
\end{document}
